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We should start by understanding what marginal revenue and marginal costs are. The marginal revenue is simply the marginal change in revenue after a rise in quantity (fall in price), we can think of it as...
Long-term growth is defined as an increase in the productive capacity of an economy, which is due to the increase in the quality or quantity of an economy's factors of production (FoP). These barriers may...
Factors of Demand:Taste, Substitutes, Complements, Necessity, Income Factors of Supply:Raw materials. Labour, Tax, Weatherstudents will pick one type of shift they will analyse. Once key facto...
The four macroeconomics objectives are; stable inflation, low unemployment, economic growth, and a strong balance of payments. Conflicts may occur between these objectives when in an attempt to achieve on...
Use of petrol and diesel cars causes over-pollution to the environment, which is an externality in the economy. The overconsumption of petrol and diesel cars results in more pollution and emissions than i...
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